MANILA, Philippines — The Court of Appeals (CA) has cleared businessman and former trade minister, Roberto Ongpin in an administrative case involving the alleged insider trading in the shares of Philex Mining Corporation in 2009.
In the decision of the former CA Special 13th Division penned by Justice Maria Luisa Quijano-Padilla, the appellate court reversed and dismissed the ruling of the Securities and Exchange Commission (SEC).
In the said SEC decision, the agency ordered Ongpin to pay P174-million for violating the Securities Regulation Code.
The Appellate Court explained the fine imposed by SEC has no basis as the law limits the monetary penalty the agency can impose to up to P1-million only for insider trading charges. – UNTV News & Rescue
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